Q1 GDP Highlights: India’s economy contracted by 23.9 per cent in the first quarter of the current fiscal. It is for the first time in 40 years when the GDP registered negative growth. While the construction activity halved in first quarter, the manufacturing sector had a freefall. GVA of mining shrank 23.3 per cent; manufacturing 39.3 per cent; and construction fell 50.3 per cent. All sectors except agriculture shrank in the first quarter. Agri GVA rose 3.4 per cent. While private consumption expenditure fell on-year, the government expenditure rose significantly. PFCE stood at 54.3 per cent of GDP, compared to 56.4 per cent last year; and GFCE shot up from 11.8 per cent to 18.1 per cent in Q1. With the latest data, there will be more clarity to assess the severity of the damage done to the economy by the coronavirus pandemic and how to look after the economic revival in the coming quarters. The first quarter saw an unprecedented closure of shops, markets, and industries, which forced the wheels of the economy to a standstill. Except for agriculture, almost all the corners of the economy were severely hit.